United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6447
(Investment Company Act File Number)
Federated Hermes Fixed Income Securities, Inc.
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 09/30/23
Date of Reporting Period: Six months ended 03/31/23
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | R6 | FMULX |
Federated Hermes Municipal Ultrashort Fund
A Portfolio of Federated Hermes Fixed Income Securities, Inc.
Sector Composition | Percentage of Total Net Assets |
Industrial Development Bond/Pollution Control Revenue | 25.8% |
Hospital | 12.9% |
Prepaid Gas Utility | 12.4% |
General Obligation—Local | 9.6% |
Electric & Gas | 6.1% |
Water & Sewer | 4.6% |
Higher Education | 3.9% |
Multi-Family Housing | 3.4% |
Toll Road | 2.8% |
Airport | 1.4% |
Other2 | 17.0% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—62.1% | |||
Alabama—6.8% | |||
$5,000,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 12/1/2025 | $4,972,400 | |
22,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No.3 (Series 2018B-1) FRNs, (Goldman Sachs Group, Inc. GTD), 4.024% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,471,285 |
1,000,000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds (Series 2022B-1) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 10/1/2027 | 983,769 | |
3,000,000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No.7 (Series 2021C-1) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2026 | 2,961,928 | |
25,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No.7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. GTD), 4.320% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026 | 24,557,451 |
3,650,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 3,511,130 | |
5,250,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 4,891,136 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 3.974% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 30,043,599 |
TOTAL | 94,392,698 | ||
Arizona—0.4% | |||
4,500,000 | 1 | Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 4.220% (SIFMA 7-day +0.250%), Mandatory Tender 11/4/2026 | 4,397,752 |
1,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017B) TOBs, 3.750%, Mandatory Tender 3/31/2026 | 1,009,137 | |
TOTAL | 5,406,889 | ||
Arkansas—0.3% | |||
3,895,000 | Arkansas State, Federal Highway Grant and Tax Revenue Bonds (Series 2012), 3.000%, 4/1/2024 | 3,895,688 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—5.8% | |||
$7,250,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 4.250% (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024 | $7,250,639 |
9,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 4.420% (SIFMA 7-day +0.450%), Mandatory Tender 4/1/2026 | 8,915,895 |
7,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) FRNs, 4.270% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027 | 6,833,329 |
7,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018D) FRNs, 4.320% (SIFMA 7-day +0.350%), Mandatory Tender 8/1/2024 | 6,920,536 |
6,750,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021B) FRNs, 4.670% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026 | 6,527,138 |
4,500,000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 3.950%, Mandatory Tender 6/1/2023 | 4,503,936 | |
1,000,000 | California PCFA (Republic Services, Inc.), (Series A-1) TOBs, 3.450%, Mandatory Tender 4/17/2023 | 999,802 | |
28,455,000 | 2 | California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 3.500%, Mandatory Tender 5/1/2023 | 28,450,433 |
2,000,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 1,897,681 |
3,700,000 | California State PCFA (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.600%, Mandatory Tender 9/1/2023 | 3,659,424 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 BANs, 2.000%, 6/1/2025 | 1,934,888 | |
2,730,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 BANs, 2.000%, 6/1/2025 | 2,640,572 | |
TOTAL | 80,534,273 | ||
Colorado—1.1% | |||
5,000,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2022D) FRNs, 4.840% (SIFMA 7-day +0.870%), 12/1/2025 | 5,000,118 |
6,000,000 | 1 | Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022D) FRNs, 4.520% (SIFMA 7-day +0.550%), Mandatory Tender 8/17/2026 | 5,937,592 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$4,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2021B) FRNs, 3.579% (SOFR x 0.67 +0.350%), Mandatory Tender 9/1/2024 | $3,983,795 |
TOTAL | 14,921,505 | ||
Connecticut—1.0% | |||
1,200,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026 | 1,294,071 | |
3,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series 2017C-2) TOBs, 2.800%, Mandatory Tender 2/3/2026 | 2,985,205 | |
4,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory Tender 2/9/2024 | 3,895,647 | |
2,250,000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory Tender 11/15/2023 | 2,200,316 | |
2,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2024 | 2,071,117 | |
1,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2025 | 1,061,352 | |
TOTAL | 13,507,708 | ||
Florida—1.9% | |||
3,500,000 | Broward County, FL HFA (St. Joseph Manor II, LLLP), Multifamily Housing Revenue Bonds (Series 2023) TOBs, (United States Treasury COL), 3.500%, Mandatory Tender 4/1/2026 | 3,517,772 | |
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 745,514 | |
2,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2023 | 2,732,845 | |
1,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2025 | 1,784,545 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | 2,574,689 | |
1,250,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | 1,320,492 | |
2,800,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2008), 0.400%, 8/1/2023 | 2,764,706 | |
11,500,000 | 1 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018B) FRNs, 4.345% (SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024 | 11,215,196 |
TOTAL | 26,655,759 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—1.7% | |||
$6,700,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (Fifth Series 1994) TOBs, 2.150%, Mandatory Tender 6/13/2024 | $6,579,210 | |
3,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (First Series 1996) TOBs, 3.875%, Mandatory Tender 3/6/2026 | 3,041,216 | |
5,650,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (First Series 2012) TOBs, 2.875%, Mandatory Tender 8/19/2025 | 5,536,651 | |
725,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023 | 725,905 | |
700,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024 | 700,181 | |
1,100,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026 | 1,097,881 | |
1,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2022A), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | 998,475 | |
3,500,000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project PCR Bonds (First Series 2013) TOBs, 3.875%, Mandatory Tender 3/6/2026 | 3,548,086 | |
1,750,000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project PCR Bonds (Second Series 2009) TOBs, 3.875%, Mandatory Tender 3/6/2026 | 1,774,043 | |
TOTAL | 24,001,648 | ||
Illinois—0.9% | |||
2,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 1/1/2024 | 2,025,633 | |
2,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 1/1/2025 | 2,062,046 | |
3,500,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 1/1/2026 | 3,649,345 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,150,947 | |
TOTAL | 12,887,971 | ||
Indiana—0.4% | |||
6,475,000 | 1 | Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 4.270% (SIFMA 7-day +0.300%), Mandatory Tender 3/1/2027 | 6,320,502 |
Iowa—0.4% | |||
3,000,000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project (Series 2021) TOBs, (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024 | 2,951,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$3,500,000 | 1 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 3.931% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | $3,170,517 |
TOTAL | 6,121,717 | ||
Kentucky—1.8% | |||
3,500,000 | Kentucky Housing Corp. (Cambridge Preservation LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, (United States Treasury GTD), 0.300%, Mandatory Tender 2/1/2024 | 3,390,988 | |
2,500,000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,473,189 | |
13,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 12,992,882 | |
2,500,000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2021A), 0.400%, 5/1/2023 | 2,494,136 | |
3,250,000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2023A), 3.900%, 11/1/2025 | 3,259,059 | |
TOTAL | 24,610,254 | ||
Louisiana—1.9% | |||
3,000,000 | Louisiana Local Government Environmental Facilities Community Development Authority (East Baton Rouge Sewerage Commission), Subordinate Lien Multi-Modal Revenue Refunding Bonds (Series 2020B) TOBs, 0.875%, Mandatory Tender 2/1/2025 | 2,859,162 | |
5,025,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory Tender 5/1/2023 | 5,025,000 | |
8,885,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-1) TOBs, 2.125%, Mandatory Tender 7/1/2024 | 8,675,470 | |
9,500,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 4.050%, Mandatory Tender 4/1/2023 | 9,500,000 | |
TOTAL | 26,059,632 | ||
Massachusetts—0.2% | |||
3,250,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 4.570% (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026 | 3,209,427 |
Michigan—0.4% | |||
2,000,000 | Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022A), 5.000%, 4/15/2024 | 2,045,911 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022A), 5.000%, 4/15/2025 | $1,045,139 | |
3,125,000 | 1 | Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022C) FRNs, 4.720% (SIFMA 7-day +0.750%), Mandatory Tender 4/15/2027 | 3,056,555 |
TOTAL | 6,147,605 | ||
Minnesota—0.6% | |||
5,000,000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes (Series 2022), 2.625%, 12/1/2023 | 4,963,946 | |
4,150,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 4.400% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 4,148,005 |
TOTAL | 9,111,951 | ||
Montana—0.2% | |||
2,600,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 4.420% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 2,599,884 |
Nebraska—1.1% | |||
4,955,000 | 1 | Douglas County, NE (Creighton University, NE), Educational Facilities Revenue Refunding Bonds (Series 2021B) FRNs, 4.500% (SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026 | 4,896,922 |
10,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | 9,933,702 | |
TOTAL | 14,830,624 | ||
Nevada—0.6% | |||
2,000,000 | Clark County, NV (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017) TOBs, 3.750%, Mandatory Tender 3/1/2026 | 2,018,611 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 6,787,004 | |
TOTAL | 8,805,615 | ||
New Hampshire—0.5% | |||
1,500,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-1) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 1,463,838 | |
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-3) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 3,903,567 | |
2,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-4) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 1,951,783 | |
TOTAL | 7,319,188 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—1.2% | |||
$2,463,000 | Camden, NJ BANs, 4.000%, 8/8/2023 | $2,464,942 | |
7,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020B) TOBs, 1.200%, Mandatory Tender 6/1/2023 | 6,974,604 | |
3,100,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), 0.850%, 12/1/2025 | 2,832,296 | |
4,460,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2025 | 4,655,544 | |
TOTAL | 16,927,386 | ||
New Mexico—1.9% | |||
5,000,000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010C) TOBs, 1.150%, Mandatory Tender 6/4/2024 | 4,836,245 | |
3,000,000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, Mandatory Tender 6/1/2023 | 2,986,195 | |
1,100,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2023 | 1,100,555 | |
1,150,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2023 | 1,154,000 | |
1,600,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2024 | 1,609,667 | |
1,685,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2024 | 1,698,548 | |
3,725,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2025 | 3,758,659 | |
4,500,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 4,621,489 | |
4,000,000 | New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds (Series 2019B) TOBs, 5.000%, Mandatory Tender 8/1/2025 | 4,186,185 | |
TOTAL | 25,951,543 | ||
New York—5.4% | |||
6,000,000 | Jamestown, NY City School District BANs, 5.500%, 7/20/2023 | 6,035,503 | |
4,500,000 | Lloyd, NY BANs, 4.250%, 2/9/2024 | 4,528,592 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$3,300,000 | 1 | Long Island Power Authority, NY FRNs, 4.013% (1-month USLIBOR x 0.70 +0.750%), 5/1/2033 | $3,301,536 |
4,010,000 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | 4,005,948 | |
15,000,000 | Massena, NY CSD BANs, 4.000%, 6/29/2023 | 15,017,866 | |
6,735,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 3.559% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 6,677,035 |
2,250,000 | New York City, NY, UT GO Bonds (Fiscal 2023 Series C), 5.000%, 8/1/2025 | 2,384,958 | |
2,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2024 | 2,557,721 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2024 | 1,030,260 | |
15,000,000 | Owego-Apalachin, NY CSD BANs, 4.000%, 6/28/2023 | 15,032,611 | |
2,500,000 | Potsdam, NY CSD BANs, 4.250%, 7/21/2023 | 2,506,083 | |
5,630,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 3.616% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024 | 5,586,614 |
6,431,957 | Vestal Fire District, NY BANs, 4.000%, 8/11/2023 | 6,431,408 | |
TOTAL | 75,096,135 | ||
North Carolina—1.6% | |||
4,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate Health Care Revenue Bonds (Series 2018E) TOBs, 0.800%, Mandatory Tender 10/31/2025 | 3,797,516 | |
3,500,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate Health Care Revenue Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 12/2/2024 | 3,625,702 | |
850,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 817,660 | |
1,000,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 931,645 | |
13,635,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019B) FRNs, 3.879% (SOFR x 0.67 +0.650%), Mandatory Tender 6/1/2025 | 13,608,937 |
TOTAL | 22,781,460 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Dakota—0.7% | |||
$10,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | $9,605,288 | |
Ohio—1.4% | |||
4,350,000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), Multifamily Housing Revenue Bonds (Series 2022) TOBs, (United States Treasury COL), 4.750%, Mandatory Tender 12/1/2025 | 4,490,115 | |
10,390,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 10,598,103 | |
4,725,000 | Ohio HFA Multifamily Housing (Seton Square North, OH), Revenue Bonds (Series 2021A) TOBs, (United States Treasury COL), 0.400%, Mandatory Tender 4/1/2023 | 4,725,000 | |
TOTAL | 19,813,218 | ||
Oregon—0.2% | |||
3,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027 | 2,618,901 | |
1,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028 | 848,740 | |
TOTAL | 3,467,641 | ||
Pennsylvania—7.7% | |||
5,500,000 | 1 | Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) FRNs, 3.664% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027 | 5,347,561 |
2,490,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021A) FRNs, 3.586% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 2,429,168 |
3,375,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021B) FRNs, 3.586% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 3,292,548 |
15,000,000 | 1 | Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 3.719% (SOFR x 0.67 +0.490%), Mandatory Tender 3/1/2027 | 14,511,312 |
9,960,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 4.550% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 9,947,327 |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 4.430% (SIFMA 7-day +0.460%), 11/1/2023 | 1,199,907 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 4.303% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | $4,002,985 |
10,000,000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), PCR Refunding Bonds (Series 2008), 0.400%, 10/1/2023 | 9,824,943 | |
8,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 3.450%, Mandatory Tender 4/17/2023 | 7,998,416 | |
4,900,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.580%, Mandatory Tender 8/1/2024 | 4,676,082 | |
9,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 4.370% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | 8,796,530 |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 3.971% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 5,977,366 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 4.670% (SIFMA 7-day +0.700%), 12/1/2023 | 5,001,221 |
17,500,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 4.620% (SIFMA 7-day +0.650%), Mandatory Tender 12/1/2023 | 17,505,435 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 4.570% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,730,813 |
TOTAL | 107,241,614 | ||
South Carolina—1.8% | |||
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 3.984% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 25,033,883 |
Tennessee—0.8% | |||
11,700,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 11,898,755 | |
Texas—7.3% | |||
3,000,000 | Alvin, TX Independent School District, Variable Rate UT Schoolhouse Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023 | 2,964,967 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,486,475 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$4,000,000 | Clear Creek, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.280%, Mandatory Tender 8/15/2024 | $3,807,883 | |
3,500,000 | Denton County, TX HFA (THF Pathway on Woodrow, LP), Multifamily Housing Revenue Bonds (Series 2022) TOBs, (United States Treasury COL), 5.000%, Mandatory Tender 2/1/2025 | 3,604,762 | |
5,000,000 | Dickinson, TX Independent School District, Variable Rate UT Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.250%, Mandatory Tender 8/1/2023 | 4,944,578 | |
1,760,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 1,723,590 | |
2,705,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (United States Treasury PRF 8/1/2024@100), 1.750%, Mandatory Tender 8/1/2039 | 2,669,824 | |
3,600,000 | El Paso, TX Independent School District, Variable Rate Maintenance Tax Notes (Series 2020) TOBs, 2.000%, Mandatory Tender 8/1/2023 | 3,566,634 | |
3,910,000 | Fort Bend, TX Independent School District, Variable Rate UT School Building and Refunding Bonds (Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025 | 3,699,171 | |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage Revenue Refunding Bonds (Series 2019A) FRNs, 3.913% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 5,008,551 |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 4.540% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 4,969,272 |
4,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, 0.900%, Mandatory Tender 5/15/2025 | 3,774,483 | |
2,750,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2022C) FRNs, 4.820% (SIFMA 7-day +0.850%), Mandatory Tender 12/1/2026 | 2,700,193 |
3,750,000 | Hutto, TX Independent School District, UT School Building Bonds (Series 2017) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025 | 3,671,850 | |
3,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Central Power and Light Company Project) (Series 1996) TOBs, 0.900%, Mandatory Tender 9/1/2023 | 2,956,173 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,280,000 | Midlothian, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2023 | $5,268,103 | |
3,415,000 | Midlothian, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2052 | 3,406,754 | |
2,650,000 | Midlothian, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2023 | 2,644,029 | |
1,120,000 | Midlothian, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2052 | 1,117,476 | |
14,985,000 | Ponder, TX Independent School District, Variable Rate UT School Building Bonds (Series 2021) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2024 | 14,390,455 | |
3,370,000 | 1 | San Antonio, TX Electric & Gas System, Junior Lien Revenue Refunding Bonds (Series 2022) FRNs, 4.840% (SIFMA 7-day +0.870%), Mandatory Tender 12/1/2025 | 3,370,090 |
2,250,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2023 | 2,262,408 | |
2,500,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2026 | 2,569,050 | |
11,000,000 | Texas State Department of Housing & Community Affairs (THF Park at Kirkstall Apartments, LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, 0.650%, Mandatory Tender 12/1/2024 | 10,395,591 | |
2,675,000 | Tomball, TX Independent School District, Variable Rate UT School Building Bonds (Series 2014B-1) TOBs, 0.450%, Mandatory Tender 8/15/2023 | 2,642,907 | |
TOTAL | 101,615,269 | ||
Virginia—1.6% | |||
3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 2,990,251 | |
3,720,000 | Northampton County and Towns, VA EDA (Myrtle Landing Renewal LLC), Multifamily Housing Revenue Bonds (Series 2023) TOBs, (United States Treasury COL), 4.500%, Mandatory Tender 4/1/2025 | 3,791,907 | |
5,500,000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003) TOBs, 3.800%, Mandatory Tender 10/1/2024 | 5,521,531 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2009A) TOBs, 0.750%, Mandatory Tender 9/2/2025 | $4,609,530 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,482,126 | |
TOTAL | 22,395,345 | ||
Washington—1.2% | |||
5,000,000 | 1 | King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 4.200% (SIFMA 7-day +0.230%), Mandatory Tender 1/1/2027 | 4,867,151 |
9,250,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2021B) FRNs, 4.220% (SIFMA 7-day +0.250%), Mandatory Tender 11/1/2026 | 9,080,227 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,535,429 | |
TOTAL | 16,482,807 | ||
West Virginia—0.4% | |||
5,500,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Bonds (Series 2011A) TOBs, 1.000%, Mandatory Tender 9/1/2025 | 5,129,526 | |
Wisconsin—0.9% | |||
7,500,000 | Public Finance Authority (Duke Energy Progress LLC), PCR Refunding Bonds (Series 2022A-1) TOBs, 3.300%, Mandatory Tender 10/1/2026 | 7,590,601 | |
4,500,000 | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health), Revenue Bonds (Series 2018B-2) TOBs, 5.000%, Mandatory Tender 6/24/2026 | 4,806,336 | |
TOTAL | 12,396,937 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $880,327,899) | 867,177,345 | ||
1 | SHORT-TERM MUNICIPALS—37.8% | ||
California—1.8% | |||
8,000,000 | Los Angeles, CA Multi-Family Housing Revenue Bonds (CORE Related/ GALA Rentals, LP), SPEARs 3a7 (Series DBE-8081) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.420%, 4/6/2023 | 8,000,000 | |
6,400,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, 4.420%, 4/3/2023 | 6,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$10,000,000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 4.320%, 4/6/2023 | $10,000,000 | |
TOTAL | 24,400,000 | ||
Florida—0.7% | |||
3,970,000 | Hillsborough County, FL HFA (Hillsborough FL TC, LP), SPEARs 3a-7 (Series DBE-8083) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.420%, 4/6/2023 | 3,970,000 | |
5,360,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.420%, 4/6/2023 | 5,360,000 | |
TOTAL | 9,330,000 | ||
Indiana—0.8% | |||
11,600,000 | Indiana State Finance Authority Environmental (ArcelorMittal SA), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 4.500%, 4/5/2023 | 11,600,000 | |
Kentucky—1.8% | |||
7,945,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.750%, 4/3/2023 | 7,945,000 | |
17,800,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.800%, 4/3/2023 | 17,800,000 | |
TOTAL | 25,745,000 | ||
Louisiana—4.6% | |||
8,117,276 | Calcasieu Parish, LA Public Trust Authority (Le Jolliet LP), SPEARs 3a7 (Series DBE-8060) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.420%, 4/6/2023 | 8,117,276 | |
56,700,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 4.400%, 4/5/2023 | 56,700,000 | |
TOTAL | 64,817,276 | ||
Multi State—7.5% | |||
57,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series B) MuniFund Preferred Shares Weekly VRDPs, 4.420%, 4/3/2023 | 57,000,000 | |
12,300,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) MuniFund Preferred Shares Weekly VRDPs, 4.420%, 4/3/2023 | 12,300,000 | |
31,975,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 4.420%, 4/3/2023 | 31,975,000 | |
3,800,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.300%, 4/3/2023 | 3,800,000 | |
TOTAL | 105,075,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—1.1% | |||
$5,000,000 | New York City, NY, (Series 2021-3) Weekly VRENs, 4.170%, 4/3/2023 | $5,000,000 | |
10,000,000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 4.370%, 4/6/2023 | 10,000,000 | |
TOTAL | 15,000,000 | ||
Ohio—1.6% | |||
8,885,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 4.500%, 4/6/2023 | 8,885,000 | |
8,500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 4.170%, 4/3/2023 | 8,500,000 | |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 4.200%, 4/3/2023 | 4,000,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 4.170%, 4/6/2023 | 500,000 | |
TOTAL | 21,885,000 | ||
Oklahoma—1.4% | |||
9,825,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRENs, 4.570%, 4/3/2023 | 9,825,000 | |
9,700,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRENs, 4.270%, 4/3/2023 | 9,700,000 | |
TOTAL | 19,525,000 | ||
Pennsylvania—1.2% | |||
6,870,000 | Central Bradford Progress Authority, PA (Guthrie Healthcare System, PA), (Series 2021D) Weekly VRENs, 4.590%, 4/6/2023 | 6,870,000 | |
9,815,000 | Pennsylvania Housing Finance Agency (Hershey Plaza, PA TC LP), SPEARs 3a7 (Series DBE-8057) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.230%, 4/6/2023 | 9,815,000 | |
TOTAL | 16,685,000 | ||
Texas—10.7% | |||
1,100,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 4.500%, 4/3/2023 | 1,100,000 | |
38,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 4.580%, 4/5/2023 | 38,500,000 | |
700,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 4.400%, 4/3/2023 | 700,000 | |
27,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.410%, 4/3/2023 | 27,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$71,105,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 4.400%, 4/5/2023 | $71,105,000 | |
10,175,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 4.420%, 4/5/2023 | 10,175,000 | |
TOTAL | 149,080,000 | ||
Wisconsin—4.6% | |||
5,000,000 | Appleton, WI Redevelopment Authority (Fox Cities Performing Arts Center), (Series 2001B) Weekly VRDNs, (Associated Bank, N.A. LOC), 4.500%, 4/5/2023 | 5,000,000 | |
30,625,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2020C) Weekly VRENs, 5.120%, 4/6/2023 | 30,625,000 | |
29,000,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2022A) Weekly VRENs, 5.120%, 4/6/2023 | 29,000,000 | |
TOTAL | 64,625,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $527,767,276) | 527,767,276 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $1,408,095,175)3 | 1,394,944,621 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%4 | 1,638,510 | ||
TOTAL NET ASSETS—100% | $1,396,583,131 |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
CSD | —Central School District |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PRF | —Pre-refunded |
PUTTERs | —Puttable Tax-Exempt Receipts |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SOFR | —Secured Overnight Financing Rate |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 3/31/2023 | Year Ended September 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $9.84 | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Income From Investment Operations: | ||||||
Net investment income | 0.11 | 0.05 | 0.02 | 0.09 | 0.13 | 0.10 |
Net realized and unrealized gain (loss) | 0.07 | (0.20) | 0.01 | 0.02 | 0.03 | (0.03) |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | (0.15) | 0.03 | 0.11 | 0.16 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.05) | (0.02) | (0.09) | (0.13) | (0.10) |
Net Asset Value, End of Period | $9.91 | $9.84 | $10.04 | $10.03 | $10.01 | $9.98 |
Total Return1 | 1.85% | (1.49)% | 0.33% | 1.14% | 1.59% | 0.65% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.51%3,4 | 0.51% | 0.51% | 0.57%4 | 0.81%4 | 0.81%4 |
Net investment income | 2.15%3 | 0.45% | 0.23% | 0.94% | 1.28% | 0.94% |
Expense waiver/reimbursement5 | 0.09%3 | 0.09% | 0.08% | 0.09% | 0.13% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $321,636 | $407,000 | $692,467 | $584,371 | $626,570 | $661,860 |
Portfolio turnover6 | 14% | 30% | 61% | 100% | 83% | 87% |
Six Months Ended (unaudited) 3/31/2023 | Year Ended September 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $9.85 | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Income From Investment Operations: | ||||||
Net investment income | 0.12 | 0.07 | 0.04 | 0.11 | 0.17 | 0.14 |
Net realized and unrealized gain (loss) | 0.06 | (0.19) | 0.01 | 0.02 | 0.03 | (0.03) |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | (0.12) | 0.05 | 0.13 | 0.20 | 0.11 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.07) | (0.04) | (0.11) | (0.17) | (0.14) |
Net Asset Value, End of Period | $9.91 | $9.85 | $10.04 | $10.03 | $10.01 | $9.98 |
Total Return1 | 1.83% | (1.24)% | 0.48% | 1.35% | 2.04% | 1.11% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.36%3,4 | 0.36% | 0.36% | 0.36%4 | 0.36%4 | 0.36%4 |
Net investment income | 2.39%3 | 0.60% | 0.39% | 1.14% | 1.72% | 1.39% |
Expense waiver/reimbursement5 | 0.10%3 | 0.09% | 0.08% | 0.08% | 0.08% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $958,325 | $1,332,830 | $2,133,831 | $2,162,027 | $2,158,811 | $1,711,181 |
Portfolio turnover6 | 14% | 30% | 61% | 100% | 83% | 87% |
Six Months Ended (unaudited) 3/31/2023 | Year Ended September 30, | Period Ended 9/30/20191 | |||
2022 | 2021 | 2020 | |||
Net Asset Value, Beginning of Period | $9.84 | $10.04 | $10.03 | $10.01 | $10.00 |
Income From Investment Operations: | |||||
Net investment income | 0.12 | 0.07 | 0.04 | 0.12 | 0.05 |
Net realized and unrealized gain (loss) | 0.07 | (0.20) | 0.01 | 0.02 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.19 | (0.13) | 0.05 | 0.14 | 0.06 |
Less Distributions: | |||||
Distributions from net investment income | (0.12) | (0.07) | (0.04) | (0.12) | (0.05) |
Net Asset Value, End of Period | $9.91 | $9.84 | $10.04 | $10.03 | $10.01 |
Total Return2 | 1.94% | (1.32)% | 0.50% | 1.37% | 0.66% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.34%4,5 | 0.34% | 0.34% | 0.34%5 | 0.34%4,5 |
Net investment income | 2.42%4 | 0.65% | 0.38% | 0.99% | 1.52%4 |
Expense waiver/reimbursement6 | 0.07%4 | 0.06% | 0.06% | 0.06% | 0.07%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $116,623 | $148,888 | $208,627 | $60,784 | $12,263 |
Portfolio turnover7 | 14% | 30% | 61% | 100% | 83%8 |
March 31, 2023 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $1,408,095,175) | $1,394,944,621 | |
Cash | 137,513 | |
Income receivable | 7,209,108 | |
Receivable for shares sold | 3,707,275 | |
TOTAL ASSETS | 1,405,998,517 | |
Liabilities: | ||
Payable for investments purchased | $5,500,000 | |
Payable for shares redeemed | 2,550,176 | |
Income distribution payable | 863,567 | |
Payable for other service fees (Notes 2 and 5) | 43,975 | |
Payable for investment adviser fee (Note 5) | 11,885 | |
Payable for administrative fee (Note 5) | 3,293 | |
Accrued expenses (Note 5) | 442,490 | |
TOTAL LIABILITIES | 9,415,386 | |
Net assets for 140,912,019 shares outstanding | $1,396,583,131 | |
Net Assets Consists of: | ||
Paid-in capital | $1,428,173,977 | |
Total distributable earnings (loss) | (31,590,846) | |
TOTAL NET ASSETS | $1,396,583,131 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($321,635,639 ÷ 32,454,674 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.91 | |
Offering price per share | $9.91 | |
Redemption proceeds per share | $9.91 | |
Institutional Shares: | ||
Net asset value per share ($958,324,605 ÷ 96,687,612 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.91 | |
Offering price per share | $9.91 | |
Redemption proceeds per share | $9.91 | |
Class R6 Shares: | ||
Net asset value per share ($116,622,887 ÷ 11,769,733 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.91 | |
Offering price per share | $9.91 | |
Redemption proceeds per share | $9.91 |
Six Months Ended March 31, 2023 (unaudited)
Investment Income: | |||
Interest | $22,054,039 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,401,718 | ||
Administrative fee (Note 5) | 628,736 | ||
Custodian fees | 26,095 | ||
Transfer agent fees (Notes 2 and 5) | 393,539 | ||
Directors’/Trustees’ fees (Note 5) | 7,640 | ||
Auditing fees | 18,666 | ||
Legal fees | 5,885 | ||
Other service fees (Notes 2 and 5) | 266,412 | ||
Portfolio accounting fees | 117,777 | ||
Share registration costs | 47,600 | ||
Printing and postage | 14,305 | ||
Miscellaneous (Note 5) | 19,267 | ||
TOTAL EXPENSES | 3,947,640 | ||
Waiver, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(593,165) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (179,329) | ||
Reduction of custodian fees (Note 6) | (294) | ||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (772,788) | ||
Net expenses | 3,174,852 | ||
Net investment income | 18,879,187 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (4,140,032) | ||
Net change in unrealized depreciation of investments | 14,777,918 | ||
Net realized and unrealized gain (loss) on investments | 10,637,886 | ||
Change in net assets resulting from operations | $29,517,073 |
Six Months Ended (unaudited) 3/31/2023 | Year Ended 9/30/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $18,879,187 | $14,489,788 |
Net realized loss | (4,140,032) | (6,670,027) |
Net change in unrealized appreciation/depreciation | 14,777,918 | (42,394,164) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 29,517,073 | (34,574,403) |
Distributions to Shareholders: | ||
Class A Shares | (4,008,302) | (2,444,263) |
Institutional Shares | (13,234,468) | (10,789,094) |
Class R6 Shares | (1,639,782) | (1,221,503) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,882,552) | (14,454,860) |
Share Transactions: | ||
Proceeds from sale of shares | 219,874,002 | 1,400,568,261 |
Net asset value of shares issued to shareholders in payment of distributions declared | 14,075,390 | 10,804,320 |
Cost of shares redeemed | (736,718,542) | (2,508,550,452) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (502,769,150) | (1,097,177,871) |
Change in net assets | (492,134,629) | (1,146,207,134) |
Net Assets: | ||
Beginning of period | 1,888,717,760 | 3,034,924,894 |
End of period | $1,396,583,131 | $1,888,717,760 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $84,941 | $(33,843) |
Institutional Shares | 302,950 | (145,486) |
Class R6 Shares | 5,648 | — |
TOTAL | $393,539 | $(179,329) |
Other Service Fees Incurred | |
Class A Shares | $266,412 |
Security | Acquisition Date | Acquisition Cost | Value |
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 3.500%, Mandatory Tender 5/1/2023 | 2/1/2023 | $28,455,000 | $28,450,433 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 5/27/2021 | $2,000,000 | $1,897,681 |
Six Months Ended 3/31/2023 | Year Ended 9/30/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,003,927 | $19,798,654 | 11,143,057 | $111,110,220 |
Shares issued to shareholders in payment of distributions declared | 365,658 | 3,612,873 | 222,253 | 2,199,666 |
Shares redeemed | (11,257,368) | (111,152,042) | (39,016,431) | (388,315,983) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (8,887,783) | $(87,740,515) | (27,651,121) | $(275,006,097) |
Six Months Ended 3/31/2023 | Year Ended 9/30/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,786,284 | $165,768,968 | 120,003,958 | $1,197,470,529 |
Shares issued to shareholders in payment of distributions declared | 1,025,114 | 10,132,729 | 855,381 | 8,479,196 |
Shares redeemed | (56,490,530) | (557,765,885) | (198,057,168) | (1,972,016,459) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (38,679,132) | $(381,864,188) | (77,197,829) | $(766,066,734) |
Six Months Ended 3/31/2023 | Year Ended 9/30/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,474,851 | $34,306,380 | 9,242,288 | $91,987,512 |
Shares issued to shareholders in payment of distributions declared | 33,380 | 329,788 | 12,680 | 125,458 |
Shares redeemed | (6,864,594) | (67,800,615) | (14,918,277) | (148,218,010) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (3,356,363) | $(33,164,447) | (5,663,309) | $(56,105,040) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (50,923,278) | $(502,769,150) | (110,512,259) | $(1,097,177,871) |
Short-Term | Long-Term | Total |
$8,803,628 | $5,550,844 | $14,354,472 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $126,111,088 |
Sales | $376,005,425 |
Beginning Account Value 10/1/2022 | Ending Account Value 3/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,018.50 | $2.57 |
Institutional Shares | $1,000.00 | $1,018.30 | $1.81 |
Class R6 Shares | $1,000.00 | $1,019.40 | $1.71 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.39 | $2.57 |
Institutional Shares | $1,000.00 | $1,023.14 | $1.82 |
Class R6 Shares | $1,000.00 | $1,023.24 | $1.72 |
Class A Shares | 0.51% |
Institutional Shares | 0.36% |
Class R6 Shares | 0.34% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
CUSIP 31417P817
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Fixed Income Securities, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 22, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date May 22, 2023
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 22, 2023